Five issues are open or opening this week, collectively seeking to raise over Rs 3,400 crore, as the primary market navigates a difficult global backdrop.
India’s primary market is keeping its calendar intact despite the US-Iran conflict that has pushed Brent crude above $112 a barrel, rattled global equities, and sent foreign institutional investors pulling money out of Indian markets.
Five IPOs viz three mainboard and two SME are either open for subscription or opening this week, with a combined issue size of over Rs 3,400 crore.
Elsewhere in the IPO circuit, the pipeline has been hit. PhonePe, which had been preparing for one of India’s most anticipated fintech listings and had received SEBI approval in January, shelved its IPO plans last week. The company had been targeting a valuation of $9 to $10.5 billion, down from an earlier target of $15 billion. Seven of the eleven mainboard IPOs listed in 2026 so far have debuted below their issue price, a trend that has made large, valuation-sensitive listings a difficult proposition in the current environment.
For companies already in the subscription window, however, the show goes on.
Central Mine Planning and Design Institute, the Coal India subsidiary with a 61% share of India’s mining consultancy market, is in the final day of its subscription period today and closes tomorrow, March 24. The issue is raising Rs 1,842 crore entirely through an offer for sale at a price band of Rs 163–172. Anchor investors including LIC, Goldman Sachs, ICICI Prudential, and Citigroup put in Rs 470 crore ahead of opening. Listing is March 30.
Opening tomorrow, March 24, are two mainboard issues. Amir Chand Jagdish Kumar (Exports), the company behind the Aeroplane Rice brand, is raising Rs 440 crore at Rs 201–212 per share. The basmati rice processor exports to 38 countries, with the Middle East — directly in the line of the current conflict — accounting for roughly 20% of revenue.
Powerica, the Mumbai-based diesel generator set manufacturer and Cummins OEM, is raising Rs 1,100 crore at Rs 375–395, with Rs 525 crore of the fresh issue earmarked for debt repayment. Both list on April 2.
On the SME front, Tipco Engineering India, a Haryana-based industrial machinery and gears manufacturer, opened today on BSE SME and closes March 25. The Rs 60.55 crore issue is priced at Rs 84–89 per share.
Speciality Medicines, a niche pharmaceutical formulations company, opened March 20 and closes tomorrow on BSE SME at a price band of Rs 117–124, raising Rs 29.14 crore.
The IPO market’s two-speed dynamic that is larger, valuation-sensitive new-economy listings pulling back, while traditional businesses with established revenues press ahead which reflects the broader selectivity that has taken hold since the conflict began.
Domestic institutional flows have been absorbing some of the selling pressure, particularly in government-backed issues like CMPDI.